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1 mars 2016
- handle: 10670/1.14nsxr
- hal: hal-03459360
- SCIENCESPO: 2441/2a4lft86ed8kqpphgfkgrdfrk1
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info:eu-repo/semantics/altIdentifier/hdl/2441/2a4lft86ed8kqpphgfkgrdfrk1
info:eu-repo/semantics/OpenAccess
Mots-clés
Public investment Leverage Juncker plan Zero lower bound E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E22 - Investment • Capital • Intangible Capital • Capacity E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E65 - Studies of Particular Policy EpisodesSujets proches
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Mathilde Le Moigne et al., « Probably Too Little, Certainly Too Late. An Assessment of the Juncker Investment Plan », HAL-SHS : économie et finance, ID : 10670/1.14nsxr
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Résumé
This paper aims at quantifying the impact of a stimulus plan based on a public investment push, within a dynamic stochastic general equilibrium model of the Eurozone economy. We estimate an extension of Leeper et al.’s (2010) model with public capital and time-to-build, to quantify the impact of the European Commission’s Investment Plan for Europe (the “Juncker plan”). The public investment push is assessed in normal times and starting from the zero lower bound, making different hypotheses on private investment leverage and on capital productivity. Then, in order to assess the effectiveness of the Juncker plan, we compare it with the stimulus plan implemented by the Obama administration in 2009. The main conclusion of the paper is that, had it been implemented at the beginning of the crisis, the Juncker plan would have had a significant positive impact. But as it is being launched very late in the crisis, to be effective the plan should be significantly larger in size.